SGX opens crypto perpetual futures to U.S. institutions after CFTC approval

The Singapore Exchange has secured authorization from the U.S. Commodity Futures Trading Commission to open its Bitcoin ↘ 0.17% and Ether Ethereum ↘ 0.23% perpetual futures to American institutional investors, connecting U.S. trading desks with Asian crypto liquidity for the first time through a regulated foreign exchange.

The approval, granted under CFTC Regulation 48.10, allows SGX to give eligible U.S. participants direct access to its electronic trading system without registering as a domestic U.S. exchange or creating separate American listings.

Bridging US and Asian Crypto Markets

"Under the Regulation 48.10 ruling, we have obtained CFTC authorization to open our crypto products to U.S. institutional access. Previously, U.S. participants couldn't trade these contracts but now they can," KC Lam, head of crypto derivatives at SGX Group, told CoinDesk Coinbase Global, Inc. ↗ 2.85%.coindesk

Lam called the development "an important milestone" that "bridges the U.S. TradFi participants trading crypto futures with Asian liquidity pools" and "legitimizes crypto derivatives as a regulated asset class".cryptonews+1

The authorization covers SGX's Bitcoin perpetual futures (BTP) and Ether perpetual futures (ETP), both of which have been trading since late November 2025. Since launch, the contracts have generated $5.8 billion in cumulative volume across roughly 400,000 lots. Average daily volume stood at about 1,300 lots, or $19 million, as of August, with Bitcoin accounting for 83% of daily volume and 66% of open interest.crypto+2

Onboarding and Risk Structure

U.S. clients will not gain immediate access. Institutional participants must onboard through SGX clearing members, completing know-your-customer checks, funding accounts, and establishing API connections — a process Lam said typically takes two to four weeks. SGX expects to begin serving American clients within the next one to two months.odaily+2

SGX's risk framework differs from crypto-native exchanges. Rather than automatic liquidation when positions breach margin thresholds, SGX uses margin calls requiring traders to post additional collateral. "Unlike crypto-native venues where sudden volatility can trigger auto-liquidations, our traditional risk framework uses margin calls and top-up collateral, to prevent involuntary position closures during market spikes," Lam said. The exchange also does not accept stablecoins as collateral.crypto

Expanding the Crypto Derivatives Lineup

The authorization arrives amid a broader push to bring regulated perpetual futures to U.S. institutions. The CFTC CME Group Inc. ↗ 2.62% approved the first domestically listed Bitcoin perpetual in May, and exchanges including Kraken and Kalshi have since rolled out their own perpetual products.crypto

SGX plans to build on its perpetual contracts by launching dated Bitcoin and Ether futures and options. "We plan to broaden our offerings but we are taking a disciplined, step-by-step approach," Lam said.crypto